The government will sought US$850 million assistance from the International Monetary Fund (IMF) and World Bank tomorrow to resist negative impacts on Bangladesh economy.
The government officials will open a formal talk tomorrow with their New York counterparts through a teleconference to be organized tomorrow at the National Economic Council, Agargaon.
Finance minister AHM Mustafa Kamal will attend that teleconference at NEC auditorium at 9 a.m. titled ‘High level talk of South Asian region of IMF and WB on implication of Coronavirus”.
IMF resident representative in Dhaka Ragnar Gudmundsson and World Bank country director for Bangladesh and Bhutan Mercy Miyang Tembon will attend that teleconference.
A high official of the World Bank told Business Mirror Tuesday preferring anonymity that the World Bank and the Asian Development Bank have already declared $ 100 million financial support each to tackle to possible impact on Bangladesh economic. Those fund from development partners would use for budget support.
The government officials will seek $ 750 million financial aid from IMF under the Rapid Credit Facility to the country’s balance of payment support, a Economic Relation Division official said.
IMF and WB will set several conditions over the aid to be provided to Bangladesh to fight against possible impact on economic in corona virus epidemic.
Source in ERD said the Coronal virus countries funds of IMF and WB will be approved in the next month Spring Meetings in April.
The Institutions April 17-19 Spring Meetings are scheduled to held at Washington, DC, that houses their headquarters.
The IMF now is making available about $50 billion through its rapid-disbursing emergency financing facilities for low income and emerging market countries that could potentially seek support. Of this, $10 billion is available at zero interest for the poorest members through the Rapid Credit Facility.